There are three major factors that influence the rates of insurance premiums:
1. The age of the individual.
2. The zip code of where the individual resides.
3. The number of individuals quoted.

Why does the zip code influence an insurance premium? Insurance companies measure the risk of a zip code by calculating the number of claims that have been filed in that particular area. If an insurance carrier has received numerous claims, their premiums are likely to be slightly higher than another company who has not. An advantage to owning an individual policy over a group is that the risk is spread over a larger pool of individuals, and a result, one claim doesn’t influence the group’s premiums as much.

Other factors that will influence one’s premium are pre-existing conditions. For example, if one smokes; is on numerous medications; or if one is overweight-premiums are likely to increase.

Are premiums regulated by the state? Yes, premiums are regulated by the state; specifically, no one is able to offer you a better price for a particular plan. Essentially, if you go to the insurance carrier’s website they will offer you the exact same price. The difference is in the service you receive. MyInsuranceExpert performs a “Health Insurance Checkup,” and is constantly making sure clients are happy with their coverage, and have the most competitive plans on the market.